FX.co ★ Japan’s Consumer Spending Almost Stalls, Q4 GDP Private Consumption Slows to 0.1% QoQ

Japan’s GDP private consumption growth nearly flatlined in the fourth quarter of 2025, easing to 0.1% quarter-on-quarter from 0.4% in the previous three-month period, according to data updated on 15 February 2026.

The deceleration marks a notable loss of momentum in household spending compared with the third quarter of 2025, when private consumption rose 0.4% versus the prior quarter. On a quarter-over-quarter basis, the latest reading suggests consumers have become more cautious, with growth barely positive as the year closed.

Under the comparison framework used, the current figure reflects the change in private consumption in Q4 2025 relative to Q3 2025, while the previous reading captured the shift in Q3 2025 compared with the second quarter. The step down from 0.4% to 0.1% indicates that consumer spending—an important driver of Japan’s GDP—provided only marginal support to overall economic growth at the end of 2025.